Upbit exchange was hacked. 342,000 ETH lost

[Inkdatar]

This is really bad when the market is pushed down he added there was this incident.

I do not understand when the exchange is really safe for all parties concerned and there are no events like this anymore?

Indirectly this will reduce interest for new crypto actors when they hear news like this.

This is really may affect the price to continues decline although eth is already not progressive in the market. Sad to hear there is another exchange was hacked, and it is not really safe to store huge of amount of crypto. Indeed this will added a less of interest in crypto that security is not that good but let's be more positive since upbit exchange will cover the lost eth.

[1714918728]

1714918728

[1714918728]

1714918728

[1714918728]

1714918728

[mirtotanota]

Only, Ethereum was stolen? So bad this hacking always happen, also on big exchanges like Binance happen, but if they say will cover then will cover the loss. Maybe the price of ETH will go lower but i think they will not sell so fast all coins.

Yes only eth stolen, I don't know how hackers can hack wallets and exchanges they are protected but some people can easily hack these exchanges

Maybe the internal of upbit was doing a fault that was opening the vulnerability for the upbit hackers to take all of the ethereum. but from what i can see the hacker is still sending more and more small amounts of ethereum from the various wallet. I hope all of exchange sites can create a cooperation to track the hackers.

even if they track these hackers i think they could not find those hackers, its reminds me mt.gox
mt.gox promise their memebers that return member's money but they are still change deadline time

[tranduong123]

Huge amount of money, can hackers easily steal such a large amount of money from a leading exchange? I think this may be because Upbit employees themselves took advantage of the platform's loopholes to steal the money.

[masterrex]

Its a bad news again! I hope it will not cause another dump? I was wondering why korean base exchange was always suffer from these unfortunate hacking incidents. I think its a high time to upgrade all of the current security protocols to avoid another incident like this. Why not using cold wallets instead of Hot wallet? Cold wallet is much safer so its a good choice to store most of exchange cryptocurrency holdings.  

[mayukus4life]

It’s for this kind of occurrences that it’s always advisable not to leave your funds on exchange. With these hacks being perpetrated and no remedy seem to be on sight though I think some exchanges has more sophisticated security measures than others. Upbit is one of the major exchangers and as such this event might send wrong signals to some investors/traders.

[the rise]

Huge amount of money, can hackers easily steal such a large amount of money from a leading exchange? I think this may be because Upbit employees themselves took advantage of the platform's loopholes to steal the money.

The South Korean cyber criminal unit is very strict in investigations, if indeed their employees are involved, it will definitely be found. the number of eth hacked is very significant, but maybe the hacker can't break it now because everything can be tracked on etherscan. I remember registering on this exchange when the Klay event appeared a few months ago.

[inthelongrun]

These big amounts of crypto hackings are becoming common every year. And every time I hear news like this, I contemplate if crypto currencies can really survive long term and becomes mainstream. You cannot hear banks getting robbed and lost the same kind of amounts. Credit cards and other online fiat payment platforms can also get hacked but it can be tracked where the money goes. This news is disappointing.  

[kolonel_x]

Its a bad news again! I hope it will not cause another dump? I was wondering why korean base exchange was always suffer from these unfortunate hacking incidents. I think its a high time to upgrade all of the current security protocols to avoid another incident like this. Why not using cold wallets instead of Hot wallet? Cold wallet is much safer so its a good choice to store most of exchange cryptocurrency holdings.  

At the moment the price is not yet dumped but do not know tomorrow or a week later whether the hacker will sell all the assets that they have broken.
I am worried about storing assets in exchange because that is not something like this, Upbit and Bithumb become many targets to be hacked whether their security is less secure or what?

[Nadziratel]

Its a bad news again! I hope it will not cause another dump? I was wondering why korean base exchange was always suffer from these unfortunate hacking incidents. I think its a high time to upgrade all of the current security protocols to avoid another incident like this. Why not using cold wallets instead of Hot wallet? Cold wallet is much safer so its a good choice to store most of exchange cryptocurrency holdings.  

At the moment the price is not yet dumped but do not know tomorrow or a week later whether the hacker will sell all the assets that they have broken.
I am worried about storing assets in exchange because that is not something like this, Upbit and Bithumb become many targets to be hacked whether their security is less secure or what?

I think the price is no longer affected by this kind of news. If it were a bigger and more effective stock market, we could have expected a price decrease, but anyone who was afraid of such issues left the market a long time ago.

[Emilyearl]

Some questions about these consistent hacks has to be answered. If funds were transferred from a cold wallet, how was a cold wallet storage system compromised ? Cold wallets has an additional level of security which on exchange wallet doesn't have. When Binance was hacked it was funds on exchange that got taken not funds off chain or am I missing the full gist here?

[terizla]

This is the Bad News for Upbit.
342k ETH is huge amount.
I hope this is not give more negative effect to cryptocurrency and i hope this not give big drop price in ETH and other cryptocurrency.

[coin-investor]

I wonder, why Korean exchanges are often hacked? And this incident triggers the fall of all crypto prices on the market. I hope the exchange can solve this problem immediately and not harming their users, because the 342k ETH that was stolen was worth 48.6 million dollars and this is a bad incident at the end of the year for the crypto industry.

Yeah, it is, it's been quite some time that we have not read about exchange hacking incident, and I just thought something like this will be avoided, security has been the utmost concern of every traders and exchange, it should be addressed once and for all, I read on one my Facebook friend's feeds that it could be an inside job, I hope it's not, bad way to end the year for the Korean traders and exchange.

[LouVandetta]

Just saw the news. It is really unfortunate for Upbit to experienced this. And it's a very big amount of money that was stolen. It's a freaking 342,000 ether (ETH). After all Upbit is one of a good exchange out there. Here we go again, another exchange got hacked, Another exchange to add to the hacked list. I'm afraid if the hacker sell all his stolen assets at once it will dump the price of ethereum. At least now we're good with the price, but who knows.

[wywoc]

I have yet to see any negative effect of this FUD news on ETH price. I don't know why Upbit store such a huge amount of money in hot wallet, then got hacked. Recently, there has been a continuous FUD on crypto, it seems that by the end of this year, the market has not been able to break out of the bear market.

[MI6]

This is the Bad News for Upbit.
342k ETH is huge amount.
I hope this is not give more negative effect to cryptocurrency and i hope this not give big drop price in ETH and other cryptocurrency.

Usually only 2 condition will come, closed services or maybe if they can make sure their user's funds is safe, maybe will be have big reputation like Binance gain after they get hacked, although Binance reputation about big exchange wouldn't replaced. Beside that very big ETH amount, if like what OP said about rumour other coins stolen too, that is very will make it worse.

[seleme]

Looks like an inside job, in my opinion. The cold storage of exchanges are not accessible by the online software AFAIK, how the hackers hijacked offline wallet with the online tools? I am sure Upbit management is not going to leave the deceived investors alone, they will pay the lost funds of the investors. Is there any update regarding the affected user data?

[Vishnu.Reang]

I wonder, why Korean exchanges are often hacked? And this incident triggers the fall of all crypto prices on the market. I hope the exchange can solve this problem immediately and not harming their users, because the 342k ETH that was stolen was worth 48.6 million dollars and this is a bad incident at the end of the year for the crypto industry.

It is not just the Korean exchanges. Those based in East Asia (including Japan, China and Hong Kong) seems to be very vulnerable to hacking. The recent hacks involved exchanges from this region, including Bitrue (Singapore), Binance (China), Bithumb (South Korea), Coinmama and Bithumb. There are rumors that hackers employed by the North Korean regime are involved... but there is no concrete proof for this.

[Anonylz]

I wonder, why Korean exchanges are often hacked? And this incident triggers the fall of all crypto prices on the market. I hope the exchange can solve this problem immediately and not harming their users, because the 342k ETH that was stolen was worth 48.6 million dollars and this is a bad incident at the end of the year for the crypto industry.

That's because they are not focusing on the security of the exchange. Most exchange often got hacked due to lack of security see Binance before right? It is not korean exchange but often got hacked too. Sometimes I think that these exchanges only make it like they got hacked but the truth is they are covering up some loss fund.

Honestly, the number of hacked exchanges is increasing by the day, and i expect all exchanges to have tighten up security following all the previous hacks that has taken place, and some times,  most of this hacks are questionable, i don't know how an exchange will let themselves to be so vulnerable to hackers knowing fully well that security should be at the top their list, bad news like this often affect the market, i hope this won't have any major impact on the already fragile market.

[makolz26]

I have yet to see any negative effect of this FUD news on ETH price. I don't know why Upbit store such a huge amount of money in hot wallet, then got hacked. Recently, there has been a continuous FUD on crypto, it seems that by the end of this year, the market has not been able to break out of the bear market.

This really makes investors/traders more scary as Upbit exchange is one of the good exchange too, first, Binance hacked, then now Upbit, it's really a large sum of money, good for those hackers, they do have a lot of money instantly, they are really attacking great exchange as they know it will be worth if for them to hack them, very vigilant for hackers, they are now instant millionaires, how I wish they can sleep at night very well.

[BlackFor3st]

At 13:06 on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Ethereum Hot Wallet to an unknown wallet.
UpBit says it will cover losses worth $51.3 million with corporate funds.

Unknown wallet address: 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

https://upbit.com/service_center/notice?id=1085


UPD1: It is also rumored to have additionally stolen BTT worth more than $ 3.5 million and TRX worth more than $ 17 million. Perhaps this will be announced later. After the withdrawal of ETH to unknown wallets from the exchange, BTT with TRX moved to unknown wallets.

UPD2: Funds in the amount of 342,000 ETH were stolen from the Upbit wallet, funds began to be received again, in different amounts, it seems from the exchange team. A logical question arises. Why replenish an already compromised wallet? Hacked wallet balance already - 4.726 ETH

So the hacker are still doing their job to bypass the security of big exchanges. At first, it was binance and now Upbit.

This kind of happenings are kinda bad to crypto society especially to the investors as they don't know when their money will be stolen because even the big exchanges with high level of securities have been bypass by the hackers. It will be good if there will be counters that can be put against them aside from tight security.